Title: SUPPLY
1SUPPLY
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2What is a cost that does not change no matter how
much of a good is produced?
3fixed cost
4What is the cost of running a facility, such as a
store or factory?
5operating cost
6What is the cost of producing one more unit of a
good?
7marginal cost
8What is a payment to the government on the
production or sale of a good?
9excise tax
10What is a level of production in which the
marginal production decreases with new investment?
11diminishing marginal returns
12What is the amount of goods available called?
13supply
14What is government intervention in a market that
affects the production of a good?
15regulation
16What is the additional income from selling one
more unit of a good?
17marginal revenue
18Name this U.S. President of the past.
19Franklin D. Roosevelt
20What is a measure of the way a quantity supplied
reacts to a change in price?
21elasticity of supply
22What is a graph of the quantity supplied of a
good at different prices?
23supply curve
24What is a chart that lists how much of a good a
supplier will offer at different prices?
25supply schedule
26What is a graph of the quantity supplied of a
good by all suppliers at different prices?
27market supply curve
28What is the tendency of suppliers to offer more
of a good at a higher price?
29law of supply
30Name this U.S. President of the past.
31Harry S Truman
32What are fixed costs plus variable costs?
33total cost
34Name this U.S. President of the past.
35Teddy Roosevelt
36What is a chart that lists how much of a good all
suppliers will offer at different prices?
37market supply schedule
38What is the amount a supplier is willing and able
to supply at a certain price?
39quantity supplied
40What is a level at which the marginal production
goes up with new investment?
41increasing marginal returns
42What is a factor that can change called?
43variable
44What is a cost that rises or falls depending on
how much is produced?
45variable cost
46Name this U.S. President of the past.
47Ulysses S. Grant
48What is a government payment that supports a
business or market?
49subsidy
50What is the change in output from hiring one
additional unit of labor?
51marginal product of labor